Royalty Pharma announced that it has committed to waive down the Acceptance Threshold from 90 percent to 50 percent of Maximum Elan Shares Affected plus one Elan Share.
On Monday, Royalty Pharma increased its offer for Ireland-based biotechnology firm Elan Corp. plc (ELN, ELA.L) to $12.50 per share in cash. The Increased Offer represents a compelling value of $4.6 billion for Elan's Tysabri Royalty, a 42 percent premium to the $3.25 billion at which Elan sold approximately half of its interest in Tysabri to Biogen. The Increased Offer also represents a premium of 45 percent to the Undisturbed Elan Enterprise Value.
In a letter sent to Elan Stockholders today, Royalty Pharma reiterated that the Increased Offer of $12.50 per Elan Share in cash is fully financed and is not conditional on due diligence. The Increased Offer is conditional on Elan Stockholders voting against the Theravance Transaction and all transactions announced by Elan on May 20, 2013 that are put to a shareholder vote.
On April 22, Elan's Board of Directors had unanimously rejected the offer from Royalty Pharma.
It was in February that Royalty Pharma made the initial proposal to acquire Elan for $11 per share. At that time, Elan's enterprise value amounted $10.35 per share or $3.135 billion, while the proposed enterprise value aggregated $3.531 billion or $11 per share.
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